Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $120,840
- Funds due
- $131,688
- Interest + MI left
- $117,563
- First ends
- Jun 2050
Assumption
Assumption + second
$2,290/mo
+$668/mo- Down payment
- $37,840
- Funds due
- $50,061
- Interest + MI left
- $274,984
- First ends
- Jun 2050
New loan
New conventional
$2,658/mo
+$1,036/mo- Down payment
- $37,840
- Funds due
- $46,496
- Interest + MI left
- $494,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,060 | $255,060 | $338,060 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,321.36 | $1,321.36 | $2,290.14 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $67.61 |
| Taxes, insurance & HOA | $300.33 | $300.33 | $300.33 |
| Total housing payment | $1,621.69 | $2,289.53 | $2,658.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,840
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$50,061
Earnest money paid−$0
Remaining funds due$50,061
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,759.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$451.00
Prepaid interest, first (6 days)$144.65
Prepaid interest, second (6 days)$122.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 6 moOf the original 30-year loan at 3.45%
Interest already paid$62,029Through Dec 2026
Assumption only · ends Jun 2050$117,563
Assumption + second · ends Jun 2050, second Jan 2057$274,984
New conventional · ends Jan 2057$494,300